National Republican., 1887-08-08
The Law Must be obeyed.

Secretary FNirchild is making the effort
TO purchase bonds under the sinking fund
law, and issued his circular of last week
calling for proposals for an unlimited num-
lcr Of bonds, and basiug his call upon sec
lion 1904 OF the Revised Statutes.
That section of the statutes is part Of
Tie law which creates the sinking fund aad
provides for the purchase or payment OF one
per cc,l'um of the entire debt Of the United
States during each fiscal year.
Tie entire bonded debt of the United
States now consists OF S72T0OO,00o four
per cent. bonds, due in 1907; $3.50, 100000
four and half per cents, due Ia 1891; and
$4,000 coo Pacific railroad aid SIX per cents,
due In 1898, with some other small items.
One per centum Of this sum would amount
TO less than 100000, and $20,000,O0O
three per cents have already been pur-
chPsed this year for the sinking fund.
If Secretary Fsirchild will carefully eX-
anime Webster's Dictionary, which Ia recog
nizeG in all courts as authority, he will find
that "entire," In the sense II ia used in this
law. requires that be should purchase o.
pay one per ceutum OF each Of the CLASSES
Of debt now extaut. Aud It will he no de
fence for any other course to say that pre-
vious secretaries have not done this, One
mans failure TO obey the law does not
Justify anothers.
But passing that question by,we desire to
consider further what other things the law
directs Secretary Fairchild to DO as to the
sinking fund.
In considering this we must first ascer-
tain the relations existing between Secre-
tary FGiIch!ld and the money he Is to use
nthe purchase or payment Of bonds.
The money to be used Is indIsputably the
money belonging I" the government OF the
United States. The government OF thn
United States Is composed Of the people,
who select, In various ways, officials To dis.
charge certain duties, and these officials ara
simply The agents Of the people, each having
specific duties, defined by law, which they
are required to perform.
Mr.. c. S. Fairchild, as Secretary Of the
Treasury, is one OF the official agents OF the
people, with specific duties, prescribed by
law, TO perform. In the Language OF the
Law lie is "a special agent"
That distinguished jurist, Joseph Story
cree an associate justice of the supreme
court, wrotea book on agency" that Is
standard authority on that subject. II |
said Of Story that while on the bench wit
Chief Justice Marshall that after hearing
case, Marshall would write out brief state
ntnt, and, turning to Story, would say
"Story, thars the law, fndthe authorities,
and Story always found them, so what h
wrote upon any subject is "authOritv."
On page 20 OF "Story on Agency" W
find, he says, q special agent Is Dersor
'whose authority, although 1t extends to d
acts generally In particular business q
employment, is yet qualified and restraine
hy limitations, conditions, and restriction
Of a special nature"
This precisely describes the position {
the Secretary OF the Treasury OF the Unite
States. lie Ia ga person. with authority
attend to the finances Of the government
which is ga particular business" but hi
authority to do thi; Is "restraiued by lin
tatIons, conditions, aud restrictions of
special nature.n These "conditions, lin
tutlons. and restrictions" are The lars OfN
ITitcd States relative TO It's nDances. |
every instance and under all circumstance
they ore an absolute rule, to which the SEE
retnry must conform or his action is Nc
binding upon the government aud he
guilty of malfeasance in Office, crime sim
lar to that which In private agent Is calle
"brtach OF trust"
The law of the sinking fund tells no
much is required each fiscal year-that
some per centum OF the entire dehtn-and
tells how this "One per centumh shall
procured that is, by the "purcha'o or pa.
mentn of that amount OF the bonds OF III
United States. That law, every word, lio'
and letter of 1t, is mandatory on the S.t
Tetary Of the Treasury.
The Secretary has no discretion as I
which he will do "purchase or paY"-nC
the slightest idea of discretion Is conveye
by the term. The agent Of the people
charge OF their finances Is given the ate
aatiee of purchasing or paying whatevC
may best subserve the interest OF the pril
cipal, whose servant the agent is.
AS stated on Saturday, in the NATION,
REPUBLICAN,, this law is part Of the co,
tract under which the bonds were sold an
purchased. Each party TO the contract
bound by the law. Every Secretary {
the Treasury is bound to know that !